9月9日，2025年度Wind中国上市公司"ESG最佳实践100强"榜单重磅发布。珍酒李渡凭借在ESG领域的持续深耕，继2023、2024年后再度入选，并连 续三年成为榜单唯一入选白酒企业，达成"三连冠"佳绩。 Wind ESG评级体系作为国内ESG评级领域的佼佼者，其评级结果与底层数据覆盖了A+H股上市公司，公募信用债发债主体和国内公募基金等超2万 家市场主体，是国内外资产管理机构投资决策的重要参考。"ESG最佳实践100强"榜单则代表了中国上市公司在ESG领域的最高水平。 2025年，珍酒李渡Wind ESG评级实现重大突破，从AA级跃升至最高评级AAA级，不仅稳居白酒行业第一，也在中国饮料企业中排名第一。数据显 示，截至2025年9月1日，A+H股上市公司中，ESG评级达AAA级的公司占比仅为0.34%。 | 海天味业(603288.SH, 3288.HK) | AA | 日常消费 | | --- | --- | --- | | 万洲国际 (0288.HK) | AA | 日常消费 | | 华润啤酒(0291.HK) | AA | 日常消费 | | 蒙牛乳业(2319.HK) | AA | 日常消费 | ...

Investment Rating - The report maintains a "Positive" investment rating, emphasizing the resilience of leading companies and the valuation recovery opportunities in the livestock and restaurant chains [5]. Core Insights - The report highlights that national beer companies have shown stable revenue and profit performance, while regional companies exhibit better elasticity in performance. The cost decline has contributed to gross profit growth, and the improvement in expense ratios is gradually releasing profitability [5][24]. - In the snack food sector, the report notes a divergence in channel performance, with emerging channels like bulk snacks and membership supermarkets maintaining high momentum, while traditional channels face challenges. The focus is shifting from revenue growth to profitability logic [25]. - The restaurant chain sector is experiencing a bottoming out of fundamentals and sentiment, with a gradual recovery expected as policies adjust and consumption peaks approach. The report suggests focusing on undervalued companies like Haidilao and Guangzhou Restaurant [29][31]. - The livestock sector is anticipated to see a fundamental reversal as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu [36][45]. Summary by Sections Beer - National beer companies have demonstrated operational resilience, with stable revenue growth driven primarily by volume recovery. Regional companies like Yanjing and Zhujiang Beer have shown stronger revenue performance [12][13]. - Cost improvements from raw material price declines and stable pricing have driven gross margin increases for beer companies. The report anticipates continued upward potential in the beer sector as terminal demand gradually recovers [18][24]. Snack Foods - The snack food sector is characterized by a split in channel performance, with new channels like bulk snacks and membership supermarkets thriving, while traditional channels face challenges. The report emphasizes the importance of profitability over revenue growth moving forward [25][26]. - Companies like Wancheng Group and Yuyuan Foods are highlighted for their strong performance in emerging channels, while others are advised to focus on cost optimization to enhance profitability [25][26]. Restaurant Chains - The restaurant sector has been under pressure due to policies and competition, but a recovery is expected as restrictions ease and consumption peaks. The report suggests focusing on companies with low valuations and potential for recovery, such as Haidilao and Green Tea Group [29][31]. - The report notes that the overall restaurant revenue for H1 2025 was 2.75 trillion yuan, reflecting a 4.3% increase, but with high-end dining facing significant challenges [29][30]. Livestock - The livestock sector is expected to see a turnaround as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu. The report indicates that the most challenging phase for livestock companies may be over [36][45]. - The report highlights that the decline in raw milk prices has pressured revenue, but a stabilization is anticipated, which could improve the valuation of biological assets and overall profitability [36][38].

Core Viewpoint - The liquor industry is entering a deep adjustment period, with high-end liquor market prices declining, which has squeezed the survival space of mid-to-high-end brands [1] Financial Performance - Zhenjiu Lidu (06979.HK) reported a revenue of 2.497 billion RMB for the first half of 2025, a year-on-year decline of 39.6% [2] - The company's net profit attributable to shareholders was 575 million RMB, down 23.5% year-on-year, while adjusted net profit decreased by 39.8% to 613 million RMB [2][6] - The core brand Zhenjiu saw revenue drop by 44.8% to 1.492 billion RMB, with sales volume falling from 6,932 tons to 4,612 tons [6][11] Brand Performance - All four major brands (Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao) faced pressure, with Zhenjiu's revenue contributing less than 60% to the total [3][7] - Lidu, considered the "second growth curve," had the smallest revenue decline among the brands, achieving 611 million RMB, a decrease of 9.4% [9] - Xiangjiao and Kaikouxiao experienced significant revenue reductions of 38.7% and 63.9%, respectively [10] Market Trends - The high-end product revenue share for Zhenjiu Lidu decreased from 26.4% to 23%, indicating a shift in product structure towards mid-range and lower products [11] - The average selling price for Lidu dropped over 29% to 348,000 RMB per ton, reflecting a trend of price reduction in the market [10] Strategic Initiatives - The company plans to launch a new product, "Da Zhen・Zhenjiu," aimed at becoming the "second Flying Moutai," with a target price of 600 RMB per bottle [13][15] - A "Wanshang Alliance" plan is being initiated to recruit over 10,000 partners to build a profit-sharing community, despite a reduction in the number of distributors [15]

白酒行业进入深度调整期，高端白酒市场价的下移，一定程度上挤压了次高端品牌的生存空间。 近期，港股"白酒第一股"珍酒李渡（06979.HK）发布2025年上半年财报，公司营业收入为24.97亿元，同比下滑39.6%；股东应占利润5.75亿元，同比减少 23.5%；经调整后净利润（非国际财务报告准则计量）6.13亿元，同比减少39.8%。 这是珍酒李渡2023年上市后首份营收、净利双下滑的中报，公司将其解释为白酒行业正面临若干挑战，白酒消费需求从去年第二季度开始持续下滑。 事实上，这不能完全归结于"大环境"，目前白酒上市公司半年报均已披露完毕，以贵州茅台、五粮液为首的高端白酒企业仍维持相对稳健的增长。而珍酒 李渡的中报则暴露出其品牌价值相对薄弱、高端化发展乏力等问题。 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 愛動 | | | (未經審計) | (未經審計) | (%) | | | (人民幣千元)(人民幣千元) | | | | 收入 | 2,497,106 | 4,133,191 | -39.6 | | 毛利 | 1,4 ...

9月9日，2025年度Wind中国上市公司"ESG最佳实践100强"榜单重磅发布。珍酒李渡凭借在ESG领域的 持续深耕，继2023、2024年后再度入选，并连续三年成为榜单唯一入选白酒企业，达成"三连冠"佳绩。 | 2025年度Wind中国上市公司 | | | | --- | --- | --- | | ESG最佳实践100强 | | | | 企业名称(股票代码) Wind ESG评级 | | 行业 | | 珍酒李渡 (6979.HK) | AAA | 日常消费 | | 海天味业(603288.5H, 3288.HK) | AA | 日常消费 | | 万洲国际 (0288.HK) | AA | 日常消费 | | 华润啤酒(0291.HK) | AA | 日常消费 | | 蒙牛乳业(2319.HK) | AA | 日常消费 | | 珀菜雅 (603605.SH) | AA | 日常消费 | | 药明康德 (603259.SH, 2359.HK) | AA | 医疗保健 | | 迈瑞医疗 (300760.5Z) | AA | 医疗时间 | △榜单截图 Wind ESG评级体系作为国内ESG评级领域的佼佼者，其评级 ...

珍酒李渡(06979)早盘跌超5%，截至发稿，跌5.41%，报9.26港元，成交额1.01亿港元。 消息面上，珍酒李渡近期发布中期业绩，上半年实现营收25.0亿元，同比下滑39.6%；实现归母净利5.7 亿元，同比下滑23.5%。东吴证券指出，公司产品矩阵清晰，品牌及品质升级布局长远，组织效能与渠 道势能有望逐步显现。参考上半年收入表现，预计下半年报表降幅有望明显收窄，伴随大珍铺市及需求 复苏，看好珍酒报表拐点及盈利弹性率先显现。 光大证券则指出，考虑公司主动调整、行业景气度仍有待恢复，下调2025-27年经调整净利润预测为 12.21/13.50/14.50亿元(较前次预测下调29.7%/28.2%/29.4%)，折合EPS为0.36/0.40/0.43元，当前股价对应 P/E为26/23/22倍。公司调整后有望轻装上阵，"大珍"采取创新模式招商，后续有望成为新增长极，维 持"买入"评级。 ...

智通财经APP获悉，珍酒李渡(06979)早盘跌超5%，截至发稿，跌5.41%，报9.26港元，成交额1.01亿港 元。 消息面上，珍酒李渡近期发布中期业绩，上半年实现营收25.0亿元，同比下滑39.6%；实现归母净利5.7 亿元，同比下滑23.5%。东吴证券指出，公司产品矩阵清晰，品牌及品质升级布局长远，组织效能与渠 道势能有望逐步显现。参考 上半年收入表现，预计下半年报表降幅有望明显收窄，伴随大珍铺市及需 求复苏，看好珍酒报表拐点及盈利弹性率先显现。 光大证券则指出，考虑公司主动调整、行业景气度仍有待恢复，下调2025-27年经调整净利润预测为 12.21/13.50/14.50亿元（较前次预测下调29.7%/28.2%/29.4%），折合EPS为0.36/0.40/0.43元，当前股价 对应P/E为26/23/22倍。公司调整后有望轻装上阵，"大珍"采取创新模式招商，后续有望成为新增长极， 维持"买入"评级。 ...

Core Insights - The Chinese liquor industry, particularly the sauce-flavored liquor segment, is experiencing a shift from capital-driven growth to consumer-driven strategies as the market cools down after years of rapid expansion [1][7] - Major players like Kweichow Moutai and Zhenjiu Lidu are focusing on new product launches to better align with consumer preferences and needs [1][7] Company Performance - Kweichow Moutai reported a revenue of 75.59 billion yuan in the first half of the year, with a year-on-year growth of 10.24%, indicating a strong performance despite market fluctuations [2] - Zhenjiu Lidu faced significant challenges, with a revenue decline of 39.6% and a net profit drop of 39.3% due to reduced demand in business and gifting scenarios [4] Product Strategy - Kweichow Moutai has launched several new products, including the limited edition "Guizhou Moutai (Five-Star Trademark 70th Anniversary)" with a unique design of one bottle per day for a year, aimed at catering to personalized consumer demands [2][3] - Zhenjiu Lidu's chairman initiated a high-profile marketing campaign for a new product priced at 600 yuan per bottle, which is positioned against products in the 3000 yuan range, showcasing a strategy to penetrate the high-end market [5][6] Market Approach - Kweichow Moutai's direct sales channel revenue increased significantly, with direct sales contributing 40.01 billion yuan, a year-on-year growth of 18.63%, reflecting a successful strategy to manage pricing and distribution [3] - Zhenjiu Lidu is implementing a "Ten Thousand Merchants Alliance" plan to recruit thousands of partners, aiming to create a community of interests and stabilize pricing through strict controls [6] Industry Trends - Both companies are adapting to the industry's transition by focusing on consumer preferences, emphasizing the importance of product quality and uniqueness in a market that has previously been driven by speculative financial attributes [7] - The current adjustment period in the liquor industry is seen as a critical time for companies to refocus on core consumer needs and preferences, which is essential for long-term stability and growth [7]

Core Insights - The overall performance of the liquor industry is under pressure, with 20 listed liquor companies reporting a total revenue of 241.28 billion yuan in the first half of 2025, a slight decrease of 1.59% year-on-year, and net profits also facing challenges [1] - The industry is experiencing a significant divergence, with only 6 companies achieving both revenue and net profit growth, and only 4 companies maintaining positive revenue growth in the second quarter [1][2] - Major liquor companies are proactively adjusting strategies and innovating to strengthen core competitiveness and market share amid the industry's complex environment [1][4] Industry Performance - The liquor industry is currently in a "deep water zone" characterized by reduced volume, falling prices, and high inventory levels, leading to a cautious approach among companies [1][2] - Companies like Moutai and Gujing Gongjiu have acknowledged the industry's deep adjustment and the need for structural optimization to navigate the current cycle [1][2] Strategic Adjustments - "Proactive deceleration, controlling volume and stabilizing prices" has become a common strategy among liquor companies, with a focus on stability in their 2025 targets [2][4] - Nine companies have reduced contract liabilities to alleviate pressure on traditional channels, indicating a flexible market operation strategy [4] Inventory Management - The current "suspension of sales" trend is a significant market adjustment tool, with a broader product coverage and increased participation from both major and regional brands [5][7] - As of June 2025, the total inventory of 20 listed liquor companies reached approximately 170 billion yuan, reflecting a growing trend [7] Low-Alcohol Trend - The low-alcohol trend is gaining momentum, with companies like Wuliangye and Gujing Gongjiu launching new low-alcohol products to meet changing consumer preferences [8][10] - The low-alcohol market is projected to grow at a compound annual growth rate of 30%, with expectations to exceed 74 billion yuan by 2025 [11] Cross-Industry Innovations - Liquor companies are actively pursuing cross-industry innovations to expand their market reach and appeal to diverse consumer groups [14][18] - Collaborations with retail giants and the introduction of new product lines are strategies employed to enhance market penetration and operational efficiency [15][20]

Core Insights - The 2025 Enterprise Cooperation Development Annual Conference recognized 25 business leaders, including Wu Xiangdong, for their entrepreneurial spirit in sustainable development [1][3] - The award aims to honor leaders who excel in leadership and are pioneers in industry upgrades and technological research [1] Company Overview - Wu Xiangdong has nearly 30 years of experience in the liquor industry, founding the "Jin Liufu" brand and leading Huazhi Liquor to become China's first liquor distribution A-share listed company [3] - Under Wu's leadership, Zhenjiu Lidu successfully listed on the Hong Kong Stock Exchange, becoming the "first liquor stock in Hong Kong" [3] Industry Innovations - In response to a new industry cycle, Wu has introduced strategic new products, including the "Dazhen·Zhenjiu," which has become a phenomenon in the industry [3] - The establishment of the "Wanshang Alliance" aims to reshape the industry ecosystem [3] - The launch of the high-end craft beer brand "Niu Shi Beer" marks the beginning of a "white + beer" product strategy [3] Personal Branding and Influence - Wu has successfully built a personal brand, achieving over 50 million views on videos within two months and attracting over 7.5 million viewers in two large live broadcasts [3] - Industry observers note that Wu's innovative products, models, and communication strategies have opened a vibrant growth channel during a challenging period for the liquor industry [3]